”Nigeria’s Petrol Price 55% Below West African Average” – Dangote

Aliko Dangote, president of the Dangote Group, has revealed that the majority of Nigerians are not aware that they currently pay 55% of what other West African nations pay for petrol

Dangote also said his refinery had aided the reduction of fuel prices by selling petrol between N815 and N820 per litre.

The billionaire businessman stated this during a high-level visit to the 650,000 barrels-per-day facility by the President of the Economic Community of West African States Commission, Dr Omar Touray, and his team, according to a statement by the Dangote Group on Sunday.

Noting that Africa will benefit greatly by encouraging trade among its countries, Dangote stressed how the refinery has helped Nigeria to bring down the cost of refined products and production costs across many sectors of the economy.

“Last year, when we began diesel production, we were able to reduce the price from N1,700 to N1,100 at a go, and as of today, the price has crashed further. This reduction has made a significant impact across various sectors. It has supported industries, benefited those of us in mining, and provided vital relief to the agricultural sector. The effect has been far-reaching,” he said.

He also noted that Nigerians are benefiting from local refining as the price of petrol has dropped significantly compared to neighbouring countries.

“In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600. But here at our refinery, we’re selling at between N815 and N820. Many Nigerians don’t realise that they are currently paying just 55 per cent of what others in the region are paying for petrol,” he noted.

Dangote disclosed that the refinery has “a much larger initiative in the pipeline, something we’ve not yet announced.” He told Nigerians to know that “this refinery is built for them, and they will enjoy the maximum benefit from it.”

Dangote, who led the ECOWAS delegation on a detailed tour of the facility, explained the challenges and milestones involved in bringing the world’s largest single-train refinery to life. He reiterated his longstanding position that Africa’s continued dependence on imported goods was unsustainable, as it hindered economic sovereignty.

“As long as we continue importing what we can produce, we will remain underdeveloped. This refinery is proof that we can build for ourselves at scale, to global standards,” it was stated.

He noted that the Dangote refinery is fully equipped to meet the petroleum needs of Nigeria and the entire West African region, countering claims that the facility could not produce enough for local and regional demand.

 “There have been many claims suggesting that we don’t even produce enough to meet Nigeria’s needs, so how could we possibly supply other West African countries? But now, they (ECOWAS officials) are here to see the reality for themselves and, more importantly, to encourage other nations to embark on similarly large-scale industrial projects,” he said.

Dangote emphasised that price reduction was a direct result of local refining, which he said continued to improve fuel affordability while enhancing energy security and reducing dependence on imports.